The fourth amendment bill to the Maldives Monetary Authority (MMA) Act has been ratified.

President Ibrahim Mohamed Solih ratified the legislation to Act 6/81 on Thursday, following which it has been publicized in the government gazette.

The legislation received parliamentary approval on December 7, during the 28th sitting of the last Majlis session this year.

The legislation brings essential changes into effect, concerning MMA’s functioning and paves way for sustainable economic progress while price and financial stability is maintained.

The act mandates MMA to aid the government to reach national economic progress as well as stability.

The newly ratified amendment highlights new classifications for earlier established terminology in the act which includes the definition for financial institutions, non-bank financial establishments and governments primary dealer of securities.

In addition, it introduces a number of structural changes to MMA’s governance, including mandating the authority to establish a Board of Directors and the appointment of a Governor and an Assistant Governor.

The fourth amendment aims to enhance the MMA Act with the new changes, including those related to the Securities Market, Credit Information System and foreign exchange.